Mini-Bull Run Sparks More Mega-Bull Tom Lee Bitcoin Price Predictions After Recent BTC Rise
Bullish Predictions From Tom Lee Arise After Bitcoin Prices Start Rising
Bitcoin has been seeing a rise in its value over the last few days, and it is only a few dollars away from reaching the $4,000 mark. Even though it only shows less than a 2% increase over the last 24 hours, it has been rising fairly steadily for two straight days, which has caught the interest of multiple crypto experts. Tom Lee, in particular, believes that the market is headed towards a bull run now.
Lee is the CEO of Fundstrat, and he’s been watching as the Bitcoin Investment Trust (GBTC) rose its premium by 36%. The rise is a clear indication that there are more institutional buyers that are investing in Bitcoin, showing that this year is already better than the unfortunate performance of the market in 2018.
GBTC comes from Grayscale Investment, and it recently showed up in the OTC market almost four years ago. When it launched, it became the first Bitcoin instrument to be publicly traded, offering a chance for traditional investors to trade Bitcoin on the stock market.
As U.Today writes, “Historically, GBTC served as a contrarian indicator for Bitcoin — GBTC inching closer to losing its premium could usually mean that there was another bull run in the offing.”
Lee predicted last year that Bitcoin would reach $25,000, but the bull run that was required to push it to that level never came. After losing and losing, Lee stopped bothering to make predictions, but the recent jumps in Bitcoin’s price have revived his desire to see the crypto asset soar. If the numbers truly reflect the new institutional investors that are coming to the market, perhaps Lee will finally get this prediction right.
As of 12:40 pm MST, Bitcoin is presently trading at $3990.67 with a $1.71 increase in the last 24 hours. If any potential investors are looking at the market right now, it could be a good time to choose to either wait to see if the momentum keeps up or to invest while the price is still under $4,000.